This invention relates to trading systems.
A traditional futures exchange is a membership structure that allows trading only through members. Traditional markets have customers, members and clear members. The financial backing of a traditional exchange is also through members. Members provide capital and when a trade is completed a clearing member will back the trade. Some exchanges only allow their clearing members to trade. Other exchanges allow any person to trade as long as a clearing member backs the person. That is, a clear member can have customers that have accounts with the clear member. The customer uses the credit of the clear member to trade and the customer does not have direct access to the market.